2005 Annual Report - Investor Relations - Sherwin-Williams

CONSOLIDATED BALANCE SHEETS
(thousands of dollars)
December 31,
2005 2004 2003
Assets
Current assets:
Cash and cash equivalents ...................................................... $ 36,041 $ 45,932 $ 302,813
Accounts receivable, less allowance ........................................ 809,277 724,385 544,070
Inventories:
Finished goods .................................................................... 686,913 651,095 552,657
Work in process and raw materials ...................................... 121,631 121,757 85,580
808,544 772,852 638,237
Deferred income taxes ............................................................ 107,739 88,985 86,616
Other current assets ................................................................ 132,784 149,774 143,408
Total current assets.............................................................. 1,894,385 1,781,928 1,715,144
Goodwill .................................................................................... 887,374 900,444 563,531
Intangible assets ........................................................................ 290,943 307,900 187,202
Deferred pension assets .............................................................. 409,308 430,238 420,133
Other assets ................................................................................ 142,037 133,281 146,348
Property, plant and equipment:
Land ........................................................................................ 73,754 70,231 58,514
Buildings ................................................................................ 474,094 462,964 425,712
Machinery and equipment ...................................................... 1,276,857 1,185,420 1,091,215
Construction in progress.......................................................... 55,723 33,013 36,353
1,880,428 1,751,628 1,611,794
Less allowances for depreciation.............................................. 1,135,280 1,031,268 961,544
745,148 720,360 650,250
Total Assets ................................................................................ $ 4,369,195 $ 4,274,151 $ 3,682,608
Liabilities and Shareholders’ Equity
Current liabilities:
Short-term borrowings ............................................................ $ 123,681 $ 238,815
Accounts payable .................................................................... 719,977 650,977 $ 587,935
Compensation and taxes withheld .......................................... 224,760 195,739 168,758
Accrued taxes .......................................................................... 80,987 95,558 89,081
Current portion of long-term debt .......................................... 10,493 11,214 10,596
Other accruals ........................................................................ 394,473 327,834 297,800
Total current liabilities ........................................................ 1,554,371 1,520,137 1,154,170
Long-term debt .......................................................................... 486,996 488,239 502,992
Postretirement benefits other than pensions ................................ 226,526 221,975 216,853
Other long-term liabilities .......................................................... 370,690 392,849 349,736
Minority interest ........................................................................ 3,705
Shareholders’ equity:
Common stock - $1.00 par value: 135,139,381,
140,777,115 and 143,406,707 shares outstanding at
December 31, 2005, 2004 and 2003, respectively................ 218,935 216,396 212,409
Preferred stock - convertible, participating, no par value:
34,702, 171,819 and 284,657 shares outstanding at
December 31, 2005, 2004 and 2003, respectively................ 34,702 171,819 284,657
Unearned ESOP compensation ................................................ (34,702) (171,819) (284,657)
Other capital .......................................................................... 570,394 474,594 347,779
Retained earnings .................................................................... 3,044,863 2,695,193 2,398,854
Treasury stock, at cost ............................................................ (1,890,040) (1,529,355) (1,270,917)
Cumulative other comprehensive loss .................................... (213,540) (209,582) (229,268)
Total shareholders’ equity .............................................. 1,730,612 1,647,246 1,458,857
Total Liabilities and Shareholders’ Equity .................................. $ 4,369,195 $ 4,274,151 $ 3,682,608
See notes to consolidated financial statements.
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